Question

Have poor credit, 635. Got approved for 2 cards this week. Have questions.

Okay. My score is low, hospital bills, and one, I believe, default credit card. I am on my exes house, which is 740 a month. He pays on time, but being as I only, on paper, make $1000 a month (I'm a waitress), I guess my credit ratio is bad. But, anyway. I just got (finally) approved for Ulta credit card, and the Firestone card. I only used $100 on Ulta and will pay it in two payments. But, I have repairs, very necessary, on my car, will take all of 700 limit. Is this going to severely drop my score? If I don't use the card my car isn't going to make it through the Michigan winter. I don't want to ruin the headway I've made. But, no car, no job, no point in fixing credit. Any advice, would be greatly appreciated. Thanks in advance.

All Responses

Your scores will lower alot whenever you maxing out your credit/charge card, but the scores will recover as you pay it down. The utilizations has no memories and have no long term effects on your credit scores, your credit scores will reflect whatever utilizations you have on your credit report at whenever it's pulled... people need to be in control of their credit, don't let credit scores dictate what one should or shouldn't do, you need to do what's needed to get by. Just try to avoid applying credit while you have high utilizations.

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